BankAm’s Kannan tipped to be new BSE chief executive

BankAm’s Kannan tipped to be new BSE chief executive

Mumbai: Madhu Kannan, managing director (global strategy) at Bank of America Merrill Lynch, is set to become the new chief executive officer of Bombay Stock Exchange Ltd (BSE), Asia’s oldest stock exchange, according to a person familiar with the matter.

The 133-year-old exchange had hired headhunting firm Egon Zehnder International Pvt. Ltd to scout for its chief executive officer—a post that has been lying vacant for seven months since previous chief executive officer Rajnikant Patel left without citing any reasons.

A BSE spokesperson declined comment. Kannan could not be contacted.

Kannan had worked as head (Emerging Asia, West Asia and North Africa) at the New York Stock Exchange’s Euronext segment before his current assignment at Bank of America Merrill Lynch.

The other candidates who were in contention included Ravi Apte, chief technology officer of rival National Stock Exchange; Ashish Chauhan, chief information officer of Reliance Industries Ltd and chief executive officer of Mumbai Indians, one of the teams in the domestic Indian Premier League cricket tournament, and BSE’s chief operating officer M.L. Soneji.

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